News and Information from Bond Buyer

The Securities and Exchange Commission on Friday approved a Municipal Securities Rulemaking Board proposal that extends MSRB board term lengths to four years from three.

Scranton, Pa., may finance its $31.5 million back-pay settlement with police and fire unions with a refunding of some of its $50 million stranded parking authority debt, officials said.

Approval of tax measures on local ballots in Illinois’ primary election represents a credit positive for the five local governments that won over voters, Moody’s Investors Service said.

The volatile stock market has hurt the asset performance of large pension plans, a signal that fiscal year 2016 returns may fall short of assumed targets for the second consecutive year, Moody's Investors Service said in a report.

The ratings of 19 Illinois community colleges and their $855 million of debt are under threat of a downgrade as Gov. Bruce Rauner’s budget feud the General Assembly’s Democratic majority drags on.

Top shelf municipal bonds were mixed at midday, according to traders, who were looking ahead to next week’s $6.2 billion new issue slate. Volume for the upcoming holiday-shortened trading week is estimated by Ipreo at $6.21 billion, consisting of $5.48 billion of negotiated deals and $723.5 million of competitive sales.

Standard & Poor's Ratings lowered its long term rating on the Milwaukee Redevelopment Authority, Wis.' $12 million series 2013 redevelopment education refunding revenue bonds issued on behalf of the Milwaukee Science Education Corp. Inc., doing business as Milwaukee Academy of Science, to 'BB+' from 'BBB-'. The outlook is stable.

A long-stalled development of vacant Newark, N.J. land could provide a financial jolt to New Jersey’s largest city.

Municipal bond traders were winding up the week and putting away a health supply calendar. Next week’s holiday-shortened trading should see only a modest slate of new issues.

CALIFORNIA

Mar. 18, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.73 1.55 2.4 3.34 Delaware Aaa/AAA/AAA 0.53 1.11 1.84 2.79 Maine Aa2/AA/AA 0.55 1.18 1.95 2.92 Maryland Aaa/AAA/AAA 0.53 1.16 1.88 2.8 Massachusetts Aa1/AA+/AA+ 0.55 1.21 2.02 2.97 New Hampshire Aa1/AA/AA+ 0.55 1.16 1.89 2.89 New Jersey A2/A/A 0.88 1.92 2.75 3.67 New York Aa1/AA+/AA+ 0.53 1.12 1.91 2.96 Pennsylvania Aa3/AA+/AA+ 0.73 1.72 2.53 3.4 Rhode Island Aa2/AA/AA 0.63 1.35 2.2 3.15 Vermont Aaa/AA+/AAA 0.53 1.13 1.87 2.81 Dist. of Columbia Aa1/AA/AA 0.56 1.23 2.03 3 Puerto Rico Caa3/CC/CC 25.53 15.82 11.65 8.7

3/18/2016 3/11/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 1 $6,125 7 $621,175 -$615,050 Delaware 0 0 0 0 0 Maine 1 6,815 0 0 6,815 Maryland 2 82,040 7 327,685 -245,645 Massachusetts 2 47,822 4 87,940 -40,118 New Hampshire 0 0 1 73,900 -73,900 New Jersey 7 332,046 2 11,488 320,558 New York 9 92,732 10 1,082,579 -989,847 Pennsylvania 7 200,940 13 382,960 -182,020 Rhode Island 0 0 0 0 0 Vermont 0 0 2 23,540 -23,540 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

Monday, March 21 Issuer St Description Amount

Monday, March 21 Issuer St Description Amount

Week Of March 21 Issuer St Description Amount

Friday, March 18 Issuer St Description Amount

ALABAMA

A bill to provide nearly $50 million in state funding to keep Detroit Public Schools open until the end of the school year is headed to the state Senate after clearing the House Thursday.

Michigan Gov. Rick Snyder believes the $232 million he’s asked of state lawmakers will be enough to deal with the Flint water crisis, but rating agency Standard & Poor’s showed doubts, removing the state’s positive rating outlook.